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Bitcoin experienced a surge over the weekend, reaching its highest value in three weeks at nearly $28,500, but has since experienced a rapid decline and is now valued below $28,000. Most altcoins are relatively calm after yesterday’s gains, with Ripple and Lido DAO being the exceptions.
BTC Slips Back Below $28K
Bitcoin experienced a quiet week, with its seven-day price range dropping to its lowest point in months. The most significant drop came on Thursday when the cryptocurrency hit a two-week low, falling below $26,000. However, the bulls stepped up and pushed the asset upward, returning to familiar ground at around $27,000 by the weekend.
The cryptocurrency saw a price jump to $28,500 when news broke that the US government had agreed to raise the debt limit, but failed to continue the uptrend and is now struggling just below $28,000. Its market capitalization has also declined to $540 billion, while its dominance over other cryptocurrencies sits at 46.6%.
XRP, LDO Jump 5%
Most altcoins showed impressive price increases yesterday but failed to double down on a daily scale. Ethereum has reclaimed $1,900 and is slightly above that level now. Binance Coin, Dogecoin, Tron, Polygon, Shiba, and Avalanche are slightly in the red, while ADA, SOL, DOT, and LTC have charted insignificant gains.
Of the top 10 cryptocurrencies, Ripple is the only one with a notable price increase, trading up 5% at $0.5. Lido DAO’s native token has also seen an increase and is now trading above $2.2. The total cryptocurrency market cap has retraced by $15 billion since yesterday’s peak, currently sitting just shy of $1.160 trillion.
Conclusion
Bitcoin experienced a brief surge but has since declined, along with the total market cap. Most altcoins remain calm following yesterday’s gains, with only Ripple and Lido DAO seeing notable increases. It remains to be seen whether Bitcoin will experience another uptrend or continue to struggle.
